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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

2019 Hyundai Santa Fe unveiled

Hyundai has unveiled its next-generation, 2019 Santa Fe. First, to clarify, the Santa Fe nameplate will take the place of the current five-passenger Santa Fe Sport. This new generation features a new design, new technology, and a new diesel engine option. The Hyundai Santa Fe has a new look that comes off less crossover and more SUV than before. It looks wider, more muscular and bigger than the vehicle it replaces, with Hyundai's large cascading grille and available 19-inch wheels. Inside, it has a horizontal layout to provide a sense of width. Large window openings provide improved visibility, despite the rising beltline. It features a new instrument panel with a three-dimensional look, and the infotainment screen has been repositioned to reduce glare. A new head-up display will also be available. The 2019 Santa Fe will offer a 2.4-liter four-cylinder engine good for 185 horsepower, or a turbo 2.0-liter four-cylinder offering 232 hp. A 2.2-liter diesel engine will be available providing about 200 hp and 320 pound-feet of torque. The diesel model will be the only one to offer optional third-row seating. Each will be connected to a new eight-speed automatic transmission. For comfort's sake, Hyundai has revised the suspension, particularly in the rear, to provide a smoother ride. Hyundai also offers an optional load-leveling suspension to maintain a consistent ride height, even when loaded with cargo or towing. Its all-wheel-drive system provides capability in crummy weather, and features different modes to distribute torque for improved performance. To improve safety and convenience, Hyundai includes a number of driver assistance aids in the new Santa Fe. This includes lane-keep assist, stop-and-go adaptive cruise control and an around-view monitor. Additionally, it offers a Rear Seat Occupant Alert using an ultrasonic sensor to detect motion of kids or pets in the back. It also offers Safe Exit Assist, which prevents you from opening the door when a motorcycle, bicycle or other vehicle approaches from behind. We'll have more on the next-generation Hyundai Santa Fe soon, once we get a turn behind the wheel. Related Video: Featured Gallery 2019 Hyundai Santa Fe View 32 Photos News Source: Hyundai Hyundai Crossover SUV

Hyundai working on some sort of secret, single-seat EV

Hyundai's big electric push at the Geneva Motor Show this week was its three-pronged Ioniq line-up. But there will apparently be at least two other electric vehicles coming from the South Korean automaker in the near future, according to Reuters. These vehicles are a single-seat EV and an electric scooter. Neither of these EVs were mentioned in Hyundai's press releases. Neither of these EVs were mentioned in Hyundai's official press releases from Geneva, so details are sparse, but Reuters says that these non-standard vehicles slot nicely into Hyundai's future mobility plans. The Korea Herald says that the automaker is going to invest more in future projects that don't necessarily involve new cars. The idea is to increase the "mobility freedom" for people, according to a presentation from Hyundai Motor Group vice chairman Chung Eui-sun during Geneva. Hyundai would not confirm the news of the scooter or the single-seat EV to Reuters and requests for more information from AutoblogGreen were also ignored. When we learn anything official, we will let you know. Given the lack of details, we'll make some educated guesses. Electric scooters are extremely popular in Asia, and we don't think this will stray too far from the two-wheels-and-a-battery model that already works well. As for the one-seat EV, we have to think that Hyundai will take a page from the Renault Twizy or Toyota i-Road, both sleek little electric runabouts that are quirky, sure, but also perfect for running errands in an urban environments. We expect some sort of carsharing program, as well. The official Ioniq vehicles were three powertrains in one body style: a hybrid, PHEV, and pure EV. You can get all the details that we know about these vehicles so far here. Related Video: Related Gallery 2017 Hyundai Ioniq Electric: Geneva 2016 View 14 Photos News Source: The Korea Herald, Reuters Green Hyundai Transportation Alternatives Electric scooter hyundai ioniq ioniq